As the cost of college continues to rise, finding sources for financial aid is becoming a necessary part of the college admissions process. American families typically rely on a mix of personal savings, loans, scholarships, and grants to pay for college, with scholarships and grants accounting for about 30% of that, according to a 2022-2023 report compiled by Sallie Mae and Ipsos.
Both scholarships and grants are funds that are awarded to students based on qualifying factors. Unlike loans, they don’t have to be repaid; they are gifts. Scholarships are a fantastic way to earn money to help pay for college. Keep reading to learn more about types of scholarships and how to qualify.
There are several kinds of scholarships available for students to apply for.
These scholarships award excellence in academics, sports, the arts, or other areas. These scholarships can come from colleges, private organizations, or even corporations. If you have a strong GPA, impressive athletic accomplishments, or talents in music, writing, or visual art, search for merit scholarships based on your qualifications.
If you demonstrate financial need based on your FAFSA application, you can qualify for need-based scholarships. This type of scholarship can significantly lighten the financial burden for those who need it most.
Many organizations and foundations offer scholarships aimed at supporting underrepresented and potentially disadvantaged groups, such as minorities, women, and veterans. Research local and national organizations that align with your background or identity for potential opportunities.
Field-specific scholarships come from special-interest groups targeting students who will be pursuing degrees in certain disciplines. If you know what you want to study in college or have a specific career in mind, search for local and national organizations for that subject who may be offering scholarships.
No matter which type of scholarship you want to pursue, there are hundreds of potential options available.
There are many websites dedicated to helping you find scholarships. As with any financial dealings online, be alert to potential scams. Remember: you should never have to pay to find scholarships or other financial aid.
Here are some suggested reputable scholarship search websites:
Your high school can be an invaluable resource for finding locally-sponsored scholarships. Ask your counselor for more information about scholarships offered by local businesses and community organizations. Typically, they can provide guidance on the application process, too.
Once you've narrowed down your college choices, reach out to their financial aid offices. They can provide insight into institution-specific scholarships and help you navigate applications. Don't be afraid to ask questions; the staff is there to help you.
Every scholarship has its own requirements and deadlines. It's best to start your scholarship search between your junior and senior years of high school. This ensures you don't miss any very early deadlines and gives you time to work on completing your scholarship applications, including essays.
No matter which scholarship you're applying for, be sure you understand everything you'll need to provide and that you fill out each application completely. You're more likely to stand out as a candidate if you customize your applications for each scholarship and demonstrate that you understand and value their mission.
Scholarships are just one way you can earn money to help pay for college; you can also apply for grants, take out loans, or participate in a work-study program. Use our college financial workbook to keep track of all of the forms of financial aid you receive, as well as the estimated costs for each school on your list.
Need help navigating college applications? CAPS has over 20 years of experience guiding students and families through the complex college admissions process. Reach out to us today for a free consultation to learn more about how we can make your journey to college easier.